5 Ways to Negotiate for the Pay You Deserve
A century ago, women still didn’t have the right to vote. But 102 years ago that all changed with the 19th amendment. The 19th amendment, which gave women the right to vote was signed into law on August 26, 1920, allowing women to use their voice and vote. As of 1973, in honor of this, Congress marked August 26th as Women’s Equality Day.
Though on this day, women achieved equality through having the right to vote, we know that there is still inequality that women face, especially when it comes to earning.
According to Payscale’s report, The State of the Gender Pay Gap 2022, women make 82 cents to every dollar a man makes. That number is worse for women of color. Systemic changes need to happen to achieve equality but what can you do now to move the needle forward?
Charge what you’re worth and ask for more. Read on to learn how to negotiate a salary and get salary negotiation tips.
Check out the market value for your position
It’s easy to say “I want to earn more money”. But “more” is vague. Not only that, but we do live in a system where each job has a range of salaries that can vary by experience as well as geography.
Someone living in New York City will earn more than someone with the same position in Kansas City. To know what number you should strive for, check out data from PayScale and Glassdoor.
Researching the market value for your position and location can help empower you with information to move forward with knowledge. Determine a range that you can ask for, with a specific number in mind that you want.
Write down your accomplishments
Whether you’re negotiating at a new job or your current job, one of the best salary negotiation tips is writing down all of your accomplishments. After all, when negotiating you’re essentially selling yourself. Selling yourself might not come naturally to you, so take some time before the conversation to be thoughtful about what you’ve achieved.
How have you gone above and beyond your job currently or in the past? How have you saved the company money or produced measurable results?
Including statistics, such as growing the department’s income by 20% or reducing costs by 10%, is always helpful. Be as specific and measurable as possible so that your accomplishments are clear and easy to understand for the other party. Saying “I do well at my job” won’t cut it, so bring the data and make a case for yourself.
Practice
If you’re wondering how to negotiate salary and master that skill, it’s all about practice. Learning to negotiate your salary is more of an art than a science. Practicing with a close friend or family member can help with your execution.
Prepare for different possibilities. What will you say if the number they offer is below what you want? For example, you could say “Given my experience, I was thinking of something more in line with $X.”
If they say no, will you walk, or is there something else you can negotiate? For example, you could try negotiating a work-from- home arrangement, coming in an hour later to avoid rush hour, more paid time off, etc. You don’t have to walk away empty-handed if you don’t get the number you want.
Always ask for the highest number first so you have room to negotiate down and get the most out of the negotiation. Being able to leverage your negotiation and earn more can have a huge impact on your lifetime earnings and your ability to pay down debt and save now.
Schedule a time
When it comes time to negotiate, you want to do it at the right time. If you know that yearly reviews are coming up, then that’s a good time to schedule a conversation. You don’t want to do it on the fly or during a super busy time when your boss won’t have the mental bandwidth to think clearly about your request.
Schedule something toward the end of the workweek. According to Psychology Today, on Thursdays and Fridays people are more likely to be more accommodating. This gives you and the other party ample time to have a conversation.
Make the ask
Once you’ve done your research, have a list of your accomplishments, practiced and have the right time set aside, make the ask. Have a range in mind that is acceptable for you, but remember that when it comes to salary negotiation tips, specificity is better. If you start at the top, you can negotiate down if needed and hopefully still be in a range you’re comfortable with.
How to negotiate salary
At The Financial Gym, a women-founded and women-owned business, we’re all about Women’s Equality Day. We’re glad we have the right to vote and use our voice. But we’re also ready for equal pay and want you to take steps to earn what you deserve.
Using these salary negotiation tips, get started on your financial journey and earn what you’re worth.